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The aim of this paper is to examine the effect of information disclosure by unlisted bond issuers on the stock price informativeness of listed firms in the same industry.

This paper takes advantage of information disclosure during the bond issuance and examines the spillover effect of unlisted bond issuers' information disclosure on listed firms in the stock market. The sample is composed of A-share firms listed on the Shanghai and Shenzhen stock exchanges from 2007 to 2018. All the data are obtained from the China Stock Market and Accounting Research and WIND databases. The impact of bond market information disclosure on price informativeness of listed firms in the same industry is identified through multivariate regression analyses.

Empirical results show that price informativeness of listed firms has a significantly positive association with the information disclosure of same-industry unlisted bond issuers. Further analyses show that the above finding is more significant when information disclosure of bond issuers is a more important channel for acquiring industry information (i.e. when industry is more concentrated, when economic uncertainty is high, and when industry information is less transparent) and understanding the industry competitive landscape (i.e. when bond issuers are relatively large, when bond issuers and listed firms have more direct product competition, when bond issuance firms are large-scale state-owned business groups), and when there are more cross-market information intermediaries (i.e. more cross-market institutional investors and more sell-side analysts). This paper indicates that information disclosure of bond issuers has a positive spillover effect on the stock market.

The novelty of the research is that the authors examine industry information spillover from unlisted firms to listed firms leveraging on unlisted firms' information disclosure in bond markets.

Laos joined ASEAN in 1997 and has practiced the Common Effective Preferential Tariff (CEPT) scheme under ASEAN Free Trade Area (AFTA) since 1998. To estimate the effects of AFTA on international trade in Laos, this paper has built a gravity model to analyze the specific effects of AFTA on aggregate international trade volume, import and export in Laos by using bilateral trade data between Laos and 29 partner countries during 2000 and 2012. Binary variables and the size of economy of AFTA are chosen to be the two variables reflecting the effect of AFTA on international trade of Laos. Results indicate that AFTA has positive effects on aggregate international trade volume and import while negative effects on export in Laos.

An optimal solution method based on 2-norm is proposed in this study to solve the inverse kinematics multiple-solution problem caused by a high redundancy. The current research also presents a motion optimization based on the 2-Norm of high-redundant mobile humanoid robots, in which a kinematic model is designed through the entire modeling.

The current study designs a highly redundant humanoid mobile robot with a differential mobile platform. The high-redundancy mobile humanoid robot consists of three modular parts (differential driving platform with two degrees of freedom (DOF), namely, left and right arms with seven DOF, respectively) and has total of 14 DOFs. Given the high redundancy of humanoid mobile robot, a kinematic model is designed through the entire modeling and an optimal solution extraction method based on 2-norm is proposed to solve the inverse kinematics multiple solutions problem. That is, the 2-norm of the angle difference before and after rotation is used as the shortest stroke index to select the optimal solution. The optimal solution of the inverse kinematics equation in the step is obtained by solving the minimum value of the objective function of a step. Through the step-by-step cycle in the entire tracking process, the kinematic optimization of the highly redundant humanoid robot in the entire tracking process is realized.

Compared with the before and after motion optimizations based on the 2-norm algorithm of the robot, its motion after optimization shows minimal fluctuation, improved smoothness, limited energy consumption and short path during the entire mobile tracking and operating process.

In this paper, the whole kinematics model of the highly redundant humanoid mobile robot is established and its motion is optimized based on 2-norm, which provides a theoretical basis for the follow-up research of the service robot.

In this paper, the whole kinematics model of the highly redundant humanoid mobile robot is established and its motion is optimized based on 2-norm, which provides a theoretical basis for the follow-up research of the service robot.

In this paper, the whole kinematics model of the highly redundant humanoid mobile robot is established and its motion is optimized based on 2-norm, which provides a theoretical basis for the follow-up research of the service robot.

Motion optimization based on the 2-norm of a highly redundant humanoid mobile robot with the entire modeling is performed on the basis of the entire modeling. This motion optimization can make the highly redundant humanoid mobile robot’s motion path considerably short, minimize energy loss and shorten time. These researches provide a theoretical basis for the follow-up research of the service robot, including tracking and operating target, etc. Finally, the motion optimization algorithm is verified by the tracking and operating behaviors of the robot and an example.